Please, Please, Please Modify Those Home Loans

Like a true cage fighter, Obama “talks tough” at the lenders in another attempt to scare them to modify more loans says an article in the LA Times.

Stunned by the banks’ failure to vountarily help distressed homeowners, the Obama administration today announced a shove to get lenders to convert hundreds of thousands of temporarily restructured mortgages into permanent ones to help keep struggling homeowners from falling into foreclosure. The changes include publishing a list of the banks’ names on the internet, to shame them into behaving.

Obama’s daring move comes amid complaints of bureaucratic nightmares from people who have received the short-term reductions in their payments but have been unable to get their lender or servicer to make the changes permanent. The mortgages have been altered under the administration’s $75-billion Home Affordable Modification Program, which uses financial incentives to get banks and other mortgage holders to reduce the payments for homeowners who meet certain qualifications.

Published by Stout Law Firm

I have passed three bar exams

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